Note 8 - Investment in Ecuador Property

6 Months Ended

Jun. 30, 2013

Investment Property Disclosure [Abstract]

Investment Property Disclosure [Text Block]

Note 8 — Investment in Ecuador Property

The Company has a 10% non-operating net profits interest in the Santa Elena Property. The Company accounts for this investment under the cost method and records its share of cash received or paid as other income or expense. Since the Company’s investment represents ownership of an oil and gas property, which is a depleting asset, the Company is amortizing the cost of the investment on a straight-line basis over the remaining term of the agreement which expires in December 2029.

Below is a summary reflecting the Company’s income (loss) from the investment in the Ecuador property for the three and six months ended June 30, 2013 and 2012, respectively, and the investment in the Ecuador property at June 30, 2013 and December 31, 2012, respectively.

	Three Months Ended June 30,						Six Months Ended June 30,
	2013			2012			2013			2012
	(in thousands)
Distributions received from investment in Ecuador property	$	250		$	-		$	250		$	-
Amortization of investment in Ecuador property		(34	)		(47	)		(81	)		(94	)
Income (loss) from investment in Ecuador property, net	$	216		$	(47	)	$	169		$	(94	)

	June 30, 2013		December 31, 2012
	(in thousands)
Investment in Ecuador property, net	$	551	$	632